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Pound falls before UK manufacturing PMI data

May 02 2017 10:44
Anooja Debnath, Bloomberg

London - The pound weakened for a second day against both the dollar and the euro before data that economists forecast will show U.K. manufacturing growth expanded at a slower pace for a fourth month in April.

Markit/CIPS Purchasing Managers Index fell to 54 last month, according to the median estimate of analysts surveyed by Bloomberg. While that’s above the key 50 level that divides expansion from contraction, it’s down from 54.2 in March.

Sterling has shown resilience in recent weeks and was boosted last month after Prime Minister Theresa May called a snap election, which some in the market thought would mean a smoother UK exit from the European Union.

This view suffered a setback after May said a clash with Jean-Claude Juncker, the president of the European Commission, showed Brexit talks will “not be easy.” Fraught negotiations could hurt the pound further, analysts said.

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